Most of MENA equities ended Tuesday’s trading session in the red territory, while oil prices were up today. However, only Dubai and Egypt’s shares closed the trading session on positive notes.
Bahraini equities closed Tuesday’s trading session in negative territory where primary Bahraini benchmark Bahrain All Shares index dropped by 0.87 percent or 11.18 points to end the session lower at 1,276.5 as the losses generated by Financials and Telecommunication Services sectors have weighed on the stocks. Moreover, the rest of the sectors under the index remained flat today.
Meanwhile, Kuwaiti shares also fell in today’s session where its main index KW15 dropped by 0.39 percent or 3.95 points to close the session down at 997.03 pressured by the losses in industrials, Financials, and Telecommunication Services sectors.
Moreover, Qatar’s equities were down today as leading Qatari benchmark lost by 0.09 percent or 7.25 points to close the session in the red at 8,110.16 as the losses in Healthcare, Energy and Consumer Non-Cyclicals sectors pressured the equities.
On oil pace, oil prices rose on Tuesday as the top exporter K.S.A said that the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. U.S crude oil was up to trade at 52.27 at 14:20 GMT.
Saudi Stock Market:
Saudi Arabia’s equities were approximately flat during Tuesday’s session where its leading index TASI edged down by only 0.02 percent or 1.36 points to settle at 6,884.90 pressured by the losses in Utilities and Industrials sectors, while the gains in Financials and Basic Materials sectors limited the losses of the benchmark.
Looking at individual stocks, Bank Al Jazira rebounded by 1.4 percent after the bank reported an increase by 41 percent in its net profit during the last quarter reaching $60.80 million.
Moreover, on the back of the increase in oil prices, the stock of PetroRabigh added 0.02 percent during today’s trading session while Maaden and Petrochem rose by 1.4 and 0.6 percent respectively.
United Arab Emirates Stock Market:
UAE’s stocks were mixed today as Abu Dhabi equities lost while Dubai shares rose.
Abu Dhabi stocks were lower today as its primary benchmark fell by 0.05 percent or 2.27 points to close the session down at 4,496.44 pressured by the losses in Energy and Consumer Non-Cyclicals sectors.
However, Dubai shares rose on Tuesday where DFMGI added 0.64 percent or 23.20 points to settle up at 3,641.44 supported by the gains in Telecommunication Services and Industrials Sectors.
Looking at individual stocks, Eshraq property stock advanced by 1.3 percent after the company reported on Monday that its net profit for the third quarter rose to 685,000 AED compares with the losses by 48.5 million AED a year ago.
Egypt Stock Market:
Meanwhile, Egyptian shares rose today where the primary Egyptian benchmark EGX30 added 0.42 percent or 58.04 points to close the session in the green at 13,928.38 helped by the gains in Energy, Consumer Non-Cyclicals and Industrials.
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